BBC News Online: Business

FSA launches 'best buy' tables

The first table, which went live on Friday, provides comparisons for Unit Trust and Open Ended Investment Companies' (OEICs) Isas.

Further tables will be rolled out in the coming weeks, starting with pensions, investment bonds and savings and mortgage endowments.

The best buy tables will eventually include comparative information on current accounts, insurance and mortgages.

League tables

The FSA said that someone could save as much as £2,000 over a 10 year investment if they chose an Isa with lower charges.

Although the tables provide information on more than 100 UK growth funds it does not give details on performance or recommend products.

Sir Howard Davies, FSA chairman, said: "The comparative tables shift the balance of power towards consumers by giving them easy access to objective and accurate data on a wide range of investment choices."

Mixed blessing

The FSA's best buy tables have been a long source of contention within the financial services industry.

Financial companies have been debating what sort of information should be provided by the watchdog, which must deal with both business and consumer interests.

Jason Hollands, deputy managing director of Bestinvest, said: "We believe that the tables will be of little use to investors."

Although the tables include details about charges and redemption penalties, Mr Hollands believes that there are fundamental errors.

The tables are available on the FSA's website (see links).